KLW Holdings’ largest single stakeholder on Monday won his
bid to replace a majority of directors with his own nominees as the company
sought police help in investigating alleged unauthorised transactions by its
managing director.

At first blush, the mystery of who sold a 7.04 per cent
stake in offshore and marine group Ezra Holdings to Norway’s DNB Bank on Sept
25 might appear to have been much ado about nothing. As analysts have
conjectured, the roughly S$25 million deal was likely to do with a substantial
shareholder having pledged some shares to DNB Bank as collateral for financing.

I read with interest your BT article “Singapore market value
down five months in a row” on Oct 1, 2015. It is worrying that despite all the
IPO capital raising from 2012 to 2015, the Sept 30, 2015 closing market cap
“was the lowest month-end reading since August 2012, when the total market was
worth S$829.3 billion”.